Managers of Wealth Offshore

CBI Brexit update on location requirement for directors and designated person

Central Bank of Ireland's Brexit update on location requirement for directors and designated persons of fund management companies

Wealth manager warns against ‘crony capitalism’

‘State capture’ is a form of political corruption in which private business interests hold undue sway on political decision-making for their own benefit.

Auditor finds vast differences in pay to board members

Cayman Airways board chairman Philip Rankin, by contrast, is not paid for his services, though he and other board members receive free flights for themselves and their families on the national airline.

Switzerland set to transfer details of Indian account holders in HSBC

The investigation had revealed there were 276 Indian account holders with at least $1 million in their balance of whom 85 are residing in the country.

Understanding Offshore Banking for Expats

Many expats share certain personality traits such as flexibility, curiosity, and financial acumen.

Cayman to introduce changes to its trust law this year

The Cayman government is planning to amend the Trusts Law and related regulations this year, Minister for Financial Services Tara Rivers announced.

Financial Reporting Authority needs more staff for growing caseload

The Financial Reporting Authority is dealing with a growing backlog of uncompleted reports.

D-Day for Australian Banks as Bombshell Inquiry Report Set for Release

The Royal Commission was a quasi-judicial independent body led by a former high court judge that was tasked by the government

Amendments to Trust Law expected

Last year, government passed a bill that provided the industry with greater certainty and clarity with regard to wills in cases where a testator dies outside of the Cayman Islands.

Using Trust in Business to Drive Good Market Outcomes by Greg Medcraft, OECD

On a macro level, we know that trust in business took a dive during the financial crisis ten years ago, and still hasn’t fully recovered.

OECD deems Seychelles’ preferential tax practice not harmful

The island nation had to conform to international standards on tax matters in relation to the implementation of measures against tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax location

Guernsey issues Brexit guides

This information will be regularly reviewed and updated as the outcome of the UK-EU negotiations becomes clearer in the coming weeks.

Cayman’s compliance regime leads by example

This is unlikely to change under the AML/CFT regime, but CIMA will expect fund managers to check that the service provider’s AML measures are sound and robust.

The IRS’s Updated Voluntary Disclosure Procedures for Offshore Accounts and Assets

As part of the program, taxpayers would receive protection from criminal prosecution for failing to previously report their foreign accounts and the income from those foreign accounts

New laws aimed at taxing rich celebrities on 'fame and image' face hurdles

The tax measure, first unveiled in the 2018-19 federal budget, was aimed at stopping some high-profile individuals creating sneaky structures to minimise the amount of tax they pay.

Cayman Islands captive count rises

Class B, C and D licensees totaled 703 — up from 696 in 2017 — with 21% of insurers in these groups were formed as segregated portfolio companies, according to the statement.

Guernsey providing regulatory certainty on application of electronic CDD

Also at the seminar in London, lawyer Stephen Ozanne, Senior Associate at Walkers, provided a briefing on the impact and potential of the island’s recently-lodged ”smart contracts” and “electronic agents” legislation.

OECD announces progress made in addressing harmful tax practices (BEPS Action 5)

The assessment of preferential tax regimes is part of ongoing implementation of Action 5 under the OECD/G20 BEPS Project.

‘Resilient’ Bermuda Reinsurance Market Copes with U.S. Tax Reform, Catastrophes

Tax reforms, including the lowered U.S. corporate tax rate of 21 percent from 35 percent and the base erosion and anti-abuse tax, have eroded Bermuda’s pricing advantage relative to the U.S.

Burt opens new Brussels office

Mr Burt added that the new office had been set up because constant engagement with the EU was needed instead of “shuttle diplomacy”.

Regulation, Risk & Compliance